The downfall of the ‘King of Good Times’

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 Kingfisher Scam: The downfall of the ‘King of Good
Times’
Shakil1, Afnanul Hoque2, Golam Mehbub Sifat3, Mir Yamin Uddin Zidan4
Department of Management Information Systems (MIS), University of Dhaka, Nilkhet
Rd, Dhaka-1000, Bangladesh

Abstract: Kingfisher Airlines Ltd. Was owned by biggest liquor tycoon in India with an
ambition to become an industry leader. Growing Share in aviation market, wife number of
destinations and numerous awards, depicted a very attractive and innovative picture for the
company. Kingfisher Airlines achieved success in gaining customer satisfaction by offering great
and comfortable flying experience to its passengers. By the end of 2011, kingfisher Airlines
suffered a huge financial crisis. Kingfisher Airlines, UB Holdings Ltd. was provided loan by many
private and public sector banks in India, considering the reputation of its CMD. He was unable to
repay loans to many public sector banks, however private banks recovered all loans. This paper
describes the downfall of Kingfisher Airlines and the study of financial condition of United
Breweries Holdings. Here, we have tried to understand the business of Kingfisher Airlines and
studied the role of banks in extending loans and recovery attempts. Moreover, we have attempted
to emphasize the reasons behind the financial failure of the company from the point of view of
mistakes in strategic decision making.
Key words: Kingfisher Airlines, Vijay Malaya, Failure, Scam, responsibility, Customers,
passengers, company
Date of Submission: 15-06-2021 Date of Acceptance:

I. Introduction

Global aviation industry was passing through challenging times due to unprecedented fuel price
hiking during the last 4 years, turbulent financial markets and economic recession. Vijay
Malaya’s dream bird, Kingfisher Airlines- popularly known as The King of Good Times – is
witnessing its worst phase. Indian domestic aviation is suffering from a serious market failure,
caused by misguided government policy and ministers need to step in quickly to fix it. In India,
most of the upcoming airlines added a large number of aircraft since 2006 and deployed them
mostly on metro sectors resulting into suicidal price war among all the airlines. Every airing in
India is currently suffering from operating losses.
The Kingfisher Airlines was realised by the press statement from KFA, on 12th march 2012,
highlights the challenges:

“The flight loads have reduced because of our limited distribution ability caused by IATA
suspension. We are therefore combining some of our flights. Also, some of the flights are being
cancelled as a result of employee agitation on account of delayed salaries. This situation has
arisen as a consequence of our bank accounts having been frozen by the tax authorities. We are
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making all passible efforts to remedy this temporary situation.”

II. Objective of The Case Study:

The main objective of this report is to provide a comprehensive and thorough analysis of
Kingfisher Airlines, its growth, the financial crisis the airlines had gone through and the
inconsistent decisions and strategies adopted by the Airlines which led to huge loss and
further a huge failure, the ethical and governance issues which were involved in the decline
of the well-known airlines.

III. Research Methodology:

The data for the current study are collected from secondary sources such as annual reports,
newspapers (Economic Times, Business Standards, TOI, etc.) and aviation industry analysis
report. In analysing various parameters, last one year data is collected. The study has been
confined to study only the various reasons behind the failure of Kingfisher Airlines.

IV. Company Overview:

Kingfisher Airlines Ltd is the largest charter aviation company in India. Their principal activity is
to provide commercial passenger airline and private helicopter and airplane chartering services in
India. Their business unit Air Deccan is India's low-cost carrier. Kingfisher Airlines Ltd was
incorporated in June 15 1995 as a private limited company with the name Deccan Aviation. The
company was promoted by G R Gobinath K J Samuel and Vishnu Singh Rawal. In January 2005
the company was converted into a public limited company. In September 1997 the company
opened their first base at Jakkur and launched their first Helicopter. In June 1998 they opened
their second base in Hyderabad and in December 1998 they commenced offshore flying
operations. In June 2001 the company introduced first fixed wing aircraft and in November they
introduced the second fixed wing aircraft. In August 2003 first Air Deccan flights take place on
Bangalore to Hubli and Bangalore to Mangalore. In December 2003 the company incorporated
Deccan Aviation (Lanka) Pvt Ltd which is a joint venture company. The company was
established as a 52% subsidiary company to undertake helicopter services and airline operations
in Sri Lanka. In August 2004 they introduced first Airbus A 320. In March 2005 Air Deccan
entered into tie up arrangement with Club HP. In June 27 2005 Deccan Aviation (Lanka) Pvt Ltd
ceased to be a subsidiary consequent to the transfer of 4% of their share to Sri Lanka nationals. In
March 2007 they forayed into Air Cargo Business through a wholly owned subsidiary. The
company hived off Charter Services into a separate entity and also transfers the Maintenance and
Repair Facility into a separate entity. The Airline business of Kingfisher Airlines Ltd merged
with the company with effect from April 1 2008 and the name of the company was changed to
Kingfisher Airlines Ltd.
V. Ethical Issues:

In this section of essay, we will discuss ethical issues of kingfisher airlines. As discussed earlier it
was one of the biggest airline services in India, it has faced some ethical issues due to several
wrongdoings taken place in organization. “The kingfisher airline has been crashed landing as of a
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trouble with the random changes made in the direction and strategy as well as the absenteeism of
no ling term MD or CEO” (Carroll, 2013). Despite being best airline there were many ethical
issues like one ethical issue was unclear excess baggage rules by the staff at the ticket counter
i.e., the staff which were at the desk were unaware about the company policies. Secondly,
kingfisher airlines have flip faces as on one side they were telling we provide best customer
facilities but on the other side they refused to refund or they do not provide rescheduling of
tickets to the customers. This type of behavior was unethical and was unacceptable. Kingfisher
promised many things but who about their hospitality but who knows they were providing
contaminated water on board to their passengers. The other ethical issue of kingfisher airlines was
their flight was delayed often an on. Customers were not satisfied by the seating arrangements as
the seats were not comfortable and this disappointed their passengers a lot.
As written above kingfisher airlines used to be on delay often and on there was a lot of impact on
passengers as some may have some important meetings or something else but the flight was
delayed it can create a situation of do or die for a passenger. Due to delays in flights, the airlines
have to pay additional operational costs to the airlines e.g., airlines may have decided several
round-trips between its destination, delays can affect it a lot and, in some cases, it may also
cancel the flight. This results in additional costs on passengers and inconvenience (A. Kalita,
2017).

VI. Criticism:

KFA (Kingfisher Airlines) has faced many criticisms in their business carrier. Director General of
Civil Aviation (DGCA) announced the suspension of flying license of Kingfisher Airlines (S.
Singh, 2012). KFA is facing financial problem from last few years and due to that they are not
able to pay salary to their workers. Due to this problem, pilots and co-workers are leaving their
job and hence they are not having pilots and so their planes are idle. He was criticized for the fact
that the person having the experience of liquid company how can he take possession of an aircraft
business which is affected by global issues. Vijay Mallya was not satisfied with flying the
Kingfisher Airlines inside the Indian borders. He planned to expand the airline internationally.
But as per the rules of India, airlines that have been in presence for only 5 years were not allowed
to fly international routes. Mallya decided to evade this law by acquiring an existing airline which
is Deccan Red. KFA were not able to make profits even after flying internationally and acquiring
Deccan Air. In 2010, the company was in heavy losses as it wasn't able to keep up with its
expenses. To run this business of aviation, Mallya kept on taking loans from banks. He took loans
of 9000 crores from 17 banks.

VII. Following is the massive list or chart of loans taken by Vijay Mallya
from the different banks:

Banks Amount

SBI ₹ 1,600 crore

PNB ₹ 800 crore

IDBI ₹ 800 crore

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Bank of India ₹ 650 crore

Bank of Baroda ₹ 550 crore

United Bank of India ₹ 430 crore

Central Bank of India  ₹ 410 crore

UCO Bank ₹ 320 crore

Corporation Bank ₹ 310 crore

State Bank of Mysore ₹ 150 crore

Indian Overseas bank ₹ 140 crore

Federal Bank ₹ 90 crore

Punjab & Sind Bank ₹ 60 crore

Axis Bank ₹ 50 crore

Leaving beside Kingfisher Airlines company, even the employees faced criticism as they have
become butt of jokes in the airport and among friends and family. People criticize us on twitter,
Facebook, on the streets everywhere. The work environment is very bad tells Roshni Sharma the
flight attendant (P. Monga). Govt. at that time also criticized Kingfisher Airlines as the main
business of the owner Vijay Mallya i.e., liquor, its license was also suspended. So now, Vijay
Mallya isn't known for the list of his successes, but for that one failure of KFA.

VIII. Key factors that caused scandal:

There are many factors that caused scandal of kingfisher airlines which we will discuss further:

Accounting Failures: KFA’s net worth has been completely eroded, while its auditors had raised
several questions about its accounting practices in its annual report. Kingfisher Airlines Ltd.’s
loan funds stand at Rs7, 543 crore (debt-to-equity ratio of about 3.2) KFA’s fixed assets stand at
Rs2, 286 crores, but it has a negative net working capital (Excluding cash and bank balance) of
Rs1, 970 crores. Kingfisher could not deliver on profitability even when the going was
considered to be good. According to analysts, the sector experienced its best returns in the quarter
ended December 2010. Even during such times, Kingfisher’s net loss for fiscal 2011 stood at Rs1,
027 crore.
(Kingfisher Airlines share price: Sep-2010 to Sep-2011)

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For the September quarter, Kingfisher’s operating losses are higher than the other Competitors,
with Competitors operating loss being far lower. Kingfisher’s fuel and interest expense
(Kingfisher’s debt is also probably costlier than Competitors) as a percentage of revenue is higher
than Competitors. A higher interest cost, coupled with higher operating losses, has led to pressure
on Kingfisher’s ability to service its interest and debt obligations. Further, Kingfisher’s current
liabilities have increased by 23% in September from March (an indication that it may be
Stretching payments to suppliers). Naturally, Kingfisher seems to be the worst affected of all the
three. Revenue growth for Kingfisher domestically was very weak, falling 3% to Rs. 1,184 Crore
from Rs. 1,227 Crore. International Revenue growth was even worse, falling 9% to Rs. 363 Crore
from Rs. 398 Crore. Passengers carried fell 15% to 2.63 million; antithetical to general market
trends. Domestic Passenger Yield fell 3% to Rs. 3,804 despite capacity discipline. International
Passenger Yield rose 5% to Rs. 10, 864. EBTIDAR Profit (which measures operating results
before taxes, interest, depreciation, loan amortization, and rents) of Rs. 125 Crore (Rs. 284 Crore
in Q3 10-11), EBITDAR profit of Rs. 161 Crore on Domestic (Profit of Rs. 225 Crore in Q3 10-
11), and EBITDAR loss of Rs. 36 Crore on International (Rs. 59 Crore profit in Q3 10-11)
Kingfisher deferred almost 213.4 Crores worth of losses into future taxes under “Deferred Tax
Asset” There was a onetime special item of almost Rs. 79.25 crore that contributed to the loss.

Unpaid Employee’s & Fuel Dues: KFA’s real trouble started when their engineers, employees,
ground workers and pilots went to strike. As they were not paid salary for almost 7 months. They
demanded that their salary should be paid before “Diwali” and that of at least 4 months. Later
they paid salary to only their 60% of employees by January 2012. Due to this strike KFA saddled
with the loss of Rs 8000 crores and debt burden of Rs 7543 crores which the company has not
paid yet. KFA was taking fuel from BPCL. But the airlines defaulted in payment due to which,
BPCL filed a case in Bombay High court for paying the unpaid bills. In November 2010 BPCL
thought of revoking back the settlement due to non-payment of dues by Kingfisher Airlines. After
this, Kingfisher Airlines resorted to HPCL for the supply of fuels. The airline was buying approx.
Rs 115 cr. of fuel every month. There also, the airline repeatedly defaulted in paying fuel bills
which led to the accumulation of Rs 603 cores as an outstanding month of March 2010. Later
Kingfisher airlines was asked to clear the dues of Rs 258 crores by HPCL, for which KFA issued
a cheque of Rs. 200 crores dated 31.3.2011 and it got bounced on 4th April, 2011. By April
outstanding of the company touched Rs. 602 crore and Rs. 702.88 on 18th July 2011. On
December 31, 2008, Kingfisher had an outstanding bill of Rs 523.34 crore towards HPCL, Rs
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314.32 to BPCL crore and another Rs 37.36 crore to IOC. On August 2010 Kingfisher had a
liability to pay Rs. 536.04 crore to HPCL, 248.55 crore to BPCL Rs. and Rs. 29.9 crore. Indian
Oil Corporation (IOC). As result of non-payment of dues, the company was put on cash and carry
mode since July 2010 by HPCL and a petition was filed by BPCL in the Bombay High court. The
Airlines owed an outstanding amount over Rs 425 crores as fuel dues to Adding further the KFA
has a very large number of employees that figures around 6000 and they have to pay them salary
of 8.5 million USD a month. As a mark of protest KFA pilots were making frequent
announcements on board that it’s their dedication to serve their passengers despite note being
given salary for months.

Failing in his fiduciary duty to shareholders, employees, and investors: A director of a

company is expected to always put the interests of the corporation and all the people involved
with it above his own personal interests. He is expected to remain loyal and ensure to maintain
the trust of shareholders, employees and investors. Any kind of conflict of interest, such as
earning a secret profit, unknown/undisclosed business dealings show disloyalty on the part of the
director. The director of Kingfisher Airlines, Vijay Mallya resorted to such practices for his own
gains. Kingfisher airlines, the second largest airlines in India, did not generate profits for 8 years.
Mallya did not stop operations in spite of making only losses and allowed shareholders and
customers to be under the illusion the airline was functioning properly. In 2012, the losses of the
airline were publicly discussed when Mallya failed to pay the salaries of his employees. When
asked about this, Mallya made statements about not having enough money to pay the salaries due
to reported losses. Soon in 2013, Diageo acquired a 27% stake in United Spirits Limited for
Rs.6,500 crores (US$902 million). However, not a single lender or employee was paid.
There was speculation that Mallya had his own agenda and invested the money in his IPL (Indian
Premier League) cricket team. A few years later he spent a lot of the funds for his elaborate
birthday bash which featured renowned singer Enrique Iglesias Such instances are clear examples
of Mallya violating his fiduciary duties as a director of a company.

Misuse of Power: There is a celebrated quote, “With great power comes great responsibility. The
primary responsibility that arises with power is the responsibility not to misuse such power. In
2010 Mallya was selected to be an MP of the Rajya Sabha (Upper House), in the Indian
Parliament and used his position for his personal use. He misused his position as a Member of
Parliament to ensure he was put in the civil aviation committee. He did so to speed up the
approval of Foreign Direct Investment (FDI) into the aviation sector. This expedited approval
assured that foreign investor could invest in Kingfisher Airlines when the airlines was hitting its
lowest point. Mallya took advantage of access to Parliament. He discussed informally with Union
Finance Minister Arun Jaitley, within the corridors of Parliament, the possibility of convincing
banks to settle with Kingfisher Airlines. The finance minister claims to have denied his request as
it was not made according to formal protocols. Immediately after this, Mallya fled the country.
He appears to be disconnected from the situation facing his employees, shareholders and other
persons dependant on the company and its reputation. Though he is not legally liable to pay
salaries to employees from his personal wealth, he could have taken moral responsibility for his
actions that caused suffering in the lives of people whose livelihoods were dependent on
Kingfisher Airlines. Mallya was an inspiration to many. His wealthy way of living fascinated
them but some personal austerity was surely required. Though SBI has declared Mallya as
bankrupt, other banks continued to lend him loans. His company also-held service tax of
passengers, PF, Income Tax of Employees. But he did not submit these amounts to the PF or IT
authorities. The company did not pay the salary of its employees and eventually ran out of cash.
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In 2012, Kingfisher had to shut down its operations as no further funds were available to run the
business. Also, Vijay Mallya gave up paying the loans.

IX. Company’s effort to prevent any such situation in future:

As we optically discerned the company wasn’t under a stand out leadership and couldn’t perform
productively to operate its activities in long term context. So, several ways by which Kingfisher
Airlines struggled to live are as under:
1. They tried to bring transparency and confidence amongst its own employees. As we are
aware about Kingfisher airlines did not pay salary to their employees. In order to bring
their business back on track they gave salaries to the half of their employees as we have
discussed above and rest of the salary Vijay Mallya has promised to pay soon as
addressed in five-page letter to PM Modi. He invested 4000 crores to save kingfisher
airlines (Economic times).
2. Meanwhile CEO of the kingfisher airlines is trying to extract 1008 crore rupees from the
sale of 74 lakh UBHL share held by him. By this he can help the airline to cut interest
burden by repaying some high-cost rupee loans (Business Today).
3. As Kingfisher airlines was under the leadership of Vijay Mallya the owner of Kingfisher
Airlines, he was not able to keep a keen look on it as on the other hand he was taking care
of his other businesses. Moreover, he from the beginning he has lived a fancy life so he
was not too serious about his company. Then he decided to change the CEO of the
company and the chair was given to Sanjay Aggarwal. When he came to his duty, he
improved Kingfisher Airlines to a greater extent but this doesn’t work as company for
about to get bankrupt (S. Singh .2012).
4. This crisis-ridden airline has also sought government permission to directly import fuel,
and is withdrawing from loss-making routes as part of its plans to reconfigure the aircraft.
And, it is discarding its low-fare service, Kingfisher Red, and will fly only as a full-
service airline for higher yields (Business Standard).

X. Course of Action should have been taken by the company:

Despite trying every possible way to get out of the scandal Kingfisher Airlines failed to bring its
airlines back on port. A lesson needs to be learnt from Kingfisher Airlines failure, so that in
coming future such failures do not take place.
I as an individual think that the efforts that put forward by the airlines company were good
enough but they can do even more to bring it back. For Example, they should-
 Assess brand viability: A brand is as good as its performance. Mallya did not assess his
brand's viability on the performance metric. By not paying salaries to his employees, and
with his planes being grounded; it was only a matter of time before the brand faced
erosion in its market value.
 Air Deccan acquisition: In the Beginning, Vijay Mallya treated both as separate
companies as he didn’t realise that merging a company doesn’t mean to be separated.
Here he must have shown business acquisition knowledge that needs to span the brand
fame and should have treated them as the same employee of KFA.
 Depersonalise the Brand: If Mallya would have had depersonalised himself from the
brand, it could have been sold to anyone. But Mallya faced a trust deficit with his
stakeholders, employees, banks and the public at large, which further eroded the brand.

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  Maintain Vigil on Cost-Effectiveness: Mallya overpaid for things at kingfisher that were
good on their own like the premium service it provided that benefitted its passengers.
However, this service bled the airline as it was not cost-effective.
 Cut down the Losses: In order to deal with the financial stress faced by KFA, Mallya
should have sold his IPL cricket team and cut down on other advertising expenses
including the F1 team. As the last attempt to save his wealth, he should have sold KFA itself
rather than borrow from banks on personal guarantees.

Moreover, they could have done the following deeds. Such as-
 they should apologise their passengers for giving contaminated water,
 then they should give salaries to their employees and pilots who were working with full
dedication for the company.
 Then they should make promises with people whom they have deceived and regain their
trust.

If they would have taken these steps first today kingfisher airlines would be flying in sky rather
than rotting in garages.
XI. Limitations of study:

There may be some possible limitations in this study.

As the petition of the case is pending till no one cannot ensure that the victim will get fair
treatment for the lack of accountability. Vijay Mallya is currently in UK. So, the surety of his
presence in the court is doubtable while announcing the verdict, as Vijay Mallya requested the
UK government to not send him to India. Moreover, there is no assurance of getting back the
funds of the banks those who gave loans to the culprit. So, the further information about clearing
the settlement amount or how much did he pay till now is unclear. Though the individual
promised to pay the loan in time, but no institution is publishing the exact information and also
the high court judgment is delaying as the individual has some political influence in his native
country.
Besides, to measure changes over time and many information those are needed during the
research were not available due to the lack of resources. That is the reason why in a single report
those such findings might not be possible to mention in the limited duration of time while
presenting the study.

XII. Conclusion:
Kingfisher Airlines which were once established itself as a high service-oriented airline and
obtained several rewards for its services and also considered as India’s best airlines later failed
because of severe mismanagement and inconsistent decisions and strategies adopted by the
Airlines. With increase in the cash flow by governments and business organisations in the
contemporary times, banking institutions are bound to provide more liquidity inputs to other
business institutions. But this readily available source of finance comes at a cost which, if not
regularised without leaving loopholes, will prove to be ultimately a burden on the tax payer’s
pocket. In a country like India, immense NPA’s and other type of losses have been reported
during the past few years. The worst being cases like that of Kingfisher where the client have
decided not to oblige the due payments to various banks. This is a result of several loopholes in
the banking institutions as well as the government policies of regulating such transactions.

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Major decisions which were taken were taken without proper forecasting and in an abrupt
manner. An insight has been provided into the Ethical and Corporate Governance issues faced by
the Airlines which had led to the sad demise of the well reputed Kingfisher Airlines.

XIII. References:

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